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tv   The Willis Report  FOX Business  December 15, 2012 2:00am-3:00am EST

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unseen. sometimes i fear no one understands so it's a relief to meet the few people who do. >> i believe government is here to fix our streets, roads, and protect us, but they don't need to protect people from their jobs. >> three cheers for her. you at home who understand it's freedom, not central planning that givess better lives, that's our show. thanks for watching, i'm john stossel. ♪
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tracy: spending taxpayers money is only a federal problem. check this out. this atlanta mayor, approving the city council to receive -- wait for it -- 50% pay increase starting in 2014. do they not have tv inatlanta? you heard it right. 50%. the council council members voted to raise their own pay earlier th month. these employers employees are also demanding that pays well. they are wanting to raise the income for these city employees. really? fiscal cliff? deficit? that? anyone? what steps can you take to lower your tax burden mr.?
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we have dominant from diversified financiaa consultants. you talk with them leaders. what do they say? >> they are working diligently to get this compromise. if you ook at the economic and tax issues facing us in 2013, it's going to go either bad or really bad. it is not going to be a compromise. there is not a good scenario coming out of the picture. even if they compromise, we are still going to be facing higher taxes and substantial cuts in entitlements and other programs. >> at the end of the day, that hurts gdp in the country? >> the projections by the cbo, if we go to the fiscal cliff and all these things happen -- it's going to reduce gdp by 4%. we go, plus 22 minus two -- that is the worst-case scenario.
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one thing that is unwinnable in washington. we don't what they are going to do. 2% cut in gdp. >> 's. tracy: even if there is nobody changed, you are still going to feel the ancilry. all of that stuff -- >> you will feel it. when you get the first paycheck when it is $20 less per $100 less, your brain says i have to stop spending. i have to slow it down. i have to pay off debt. all good things in the long run. but in the first and second order of next year, borderline recession. tracy: people will go under their beds again. >> that is what happens. tracy: what can we do before the
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end of year? what are you telling your clients? >> the ideas are how i capture losses. if we have the opportunity to shift income into next year, when do i book a piece of business? one-way make that income show up in the following tax year? to further attacks. paid tomorrow. why pay today when you can pay tomorrow. these conversations are literally 180 degrees different. you want capital gainsoday. you have until december 31. do not wait until the last nute. a 15% capital gains rate today. we don't know what it's going to be tomorrow. tracy: we are talking about short-term selling. we are not talking about things -- >> a great point. we always worry about taxes. don't make any investment
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decision because of taxes. you want to separate the two. you are going to hold it for the next 20 years, we were the one. tracy: who knows what's going to happen. what about the real estate market? >> economy is to be slower in the first quarter second quarter of next year. but we have some game changers. energy, real estate, really has bottomed out. could add 3 million jobs over the next three or five or 10 years. the last one, there are a lot of people and companies holding a huge amount of cash back. $1rillion being held back. if we solve this problem, that could cast it into the economy. a boost in the second corner. tracy: thank you for slogging through. founder and esident. thank you. switching gears, later we will tell you about the best wine to give at the holidays. in the meantime, we want to know
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what you think. what is your favorite and one viewport and i? red or white? logons and vote on the right-hand side of the screen. i will vote during the break. we will share the results at the end of tonight's show. coming up, d-day for obamacare exchanges. states across the country are telling the white house thank you, but no thank you. the federal government's latest green project. we will have the details coming up
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tracy: governors across the country refusing to comply with john is 42. mortgage. married. two great ki. he wants to protect his family with a $500,000 term life insurance policy. what do you think it'll cost him? a hundred dollars a month?
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sixty? forty? actually none of the above. john can get a $500,000 policy -from a highly rated insurer - for under $25 a month. his secret? selectquote. selectquote is impartial. they'll search the pick of insurers like these to give you a choice of your best prices. selectquote has great savings on term life for women, too. john's wife carrie, can get a $500,000 policy for under $16 a month. selectquote has helped make term life insurance affordable for hundreds of thousands of people since 1985. how about you? just call this number or visit selectquote dot com. tracy: obamacare. decision day states will let washington know if they will
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know if they will set up their own health care exchanges or what the federal government will do in regards to doing it for them. herewith the latest, peter barnes, the fox business senior correspondent. >> more than that. we have the full screen. 18 pluwashington dc said they will create they're around. 26 states will let the federal government run it for them. six states chose a partnership as a test run to see who works. one of the most important pieces of obamacare the obama administration projected 23 million would gehealth care insurance through the exchange by
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2016. tracy: more than half. chris christie said no from the beginning. south carolina, louisiana, wiscons in said no. we will take matters into our own nds? >> governors like chris christie have big concerns how they may operate and the fed did not give all of the details on what they want them to be and standards. some governors held off for collison. >> part of the implementation is hhs wanted to wait until after the election and not wanting to politicize the.
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but that eight away at the time it is available to implement. >> one of the things under obamacare is it can let the fed come in and set up then and set this thing up. decide to take it over some governors are not doing it because they oppose obamacare but others are concerned it is too risky them that the federal government ago first. tracy: you have a personal experience? >> i took a test drive. we had romneycare in massachusetts that set this up to be like the travelocity. it is fascinating. you put it in your age and
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if you smoke and you get a menu of choices. of gold plan, as silver plan , of bronze plant, high deductible and low deductible and you get a price for that. massachusetts appears to be working. >> is there concern how the doctors are paid? >> the whole idea, a major part of obamacare is not to cover those a don't have insurance now control health care inflation. when a the outcomes is to empower the consumer rainout of third-party, the company
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provides the health insurance plan and we pick appeal options. acute empower the consumer they will be smarter about shopping like alat screen tv and of the cost goes down that should mean lower payments. tracy: but it could backfire because the doctors are not they aren't getting paid enough. paid enough. you will be all over this. that will affect the doctors down the road for kraft to the break we will go inside no wine vault. what does the 10,000 bottle of wine the plight? do people drink it? but i will join a prominent wine merchant for exclusive look.@6
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tracy: chris miss it is around the corner and chances are someone would love a great bottle of wine. it makes a great gift if you can get a decent bottle for under $20 but we asked a prominent wine merchant who invited me into his store in rockefeller center. you may be surprised. holiday season i don't know what to bring. can i bring a decent bottle? >> i hold the bottle that is very decent it is from spain
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and 1295 days dollars in defense sense per bottle. >> i don't know the menu. >> that does not matter for dinner. most people think they will have it right then and there but most people have their own wine ready. it is more as a gift. you put so much time into the wind you pick. >> it is always safe to break a sparkled wind. tracy: i am in charge of matching. piano in a war? >> it is the easiest. smoothes and the perfect read.
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>> my wife and i drink winn from argentina. every night white wine. tracy: started 1947? 1970 were on the map going from a really expensive bottle. >> i have the oortunity to taste the wine made clear year lincoln was shot. 1865. i decided it only had the opportunity once in my life. i went for it. i held the world record platt -- price of $520. it would be around $50,000 a bottle today. tracy: that was a lot of
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money back then. >> 105 years old at the time. tracy: some of the most expensive models you cuddle that like good newborn child >> this is so expensive and precious. 1945. i did not know we had this. $9,100. just like real estate they do not make it any more. tracy: 1945? how long can you hold this? could i drink it now? >> of course. tracy: i would love to. >> you open to the abraham lincoln bottle. [laughter] >> this was so vintage and
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powerful it last another 100 years. tracy: if i cannot get to manhattan how do i get it? >> online. tracy: amazing. he is delaying really well. he had won online sale the day before as $60,000. wine lovers. as we wrap up the year but what is the biggest thing to keep your eye on? looking the other way at a shocking violence that the union rally. lou dobbs is here. next.@a
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tracy: spend a. spend. spend part of the model of the admistration trillion dollar deficits the energy department announces $160 million plan to build more wind farms was bring in a senior fellow from the manhattan institute it is almost laughable britain said the offshore wind farm not produce as much as three thought. it is not even a good idea we still spend money. >> it is agreed example to show the wind industry is the most favored in america wis subsidies and mandates hang getting subsidies under
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the national wildlife flawed no bearing more money at the offshore sector that would give expensive. tracy: the floating when the bill is out on the water somewhere slowly bringing power back? >> the important thing to realize what is the cost of electricity that may be generated offshore? look at the data it is clear. the cost of offshore wind is 2.5 times from the onshore wind turbine and five times as natural-gas. it will be extremely expensive if it is built. tracy: more money and not as much energy as we thought.
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what is the rationale? [laughter] part of the obama administration push all of the above strategy does not matter if it works. we should have a diverse portfolio for those that are viable. the view is not winter solar but in the shale revolution the subsidies are 10 times greater. why we neglect oil and gas?
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full-court press to get extended and and now the subsidize more than 20 years and then they could produce on their own without some cities thank you for being here. good times on a friday night. - big week forrganized labor a stunning defeat in michigan and the right to work a lot that part was look covered but was largely ignored was this. union members desperately a clinging to power violence
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violence, assault and destruction of private property. will anybody be charged? why are some looking the other way? lou dobbs joins us tonight. this infuriates you? >> at the same time we should get used to the fact that daschle liberal media will make choices that are inexplicable other than their own by as. what we watched it was conservative comedian being punched and he shows that he could take a pretty good punch but cbs, nbc left this part of the story out and so it did abc referred to the violence without specificity. they also left out
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democratic state representative got a little carried away and started to talk about the undue 100 years of labor progress quote-unquote there will be blood record jimmy hoffa said there will be a civil war. this is the language that would is used time and time again but completely ignored by cbs, abc, and nbc it is truly remarkable. tracy: the president backs them? he was a jury is lease finance in wisconsin and now front and center. the president considered to be part of the problem to
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talk about right to work is not economics politics. he knows better than that. he knows we have seen in right to work states improving employment while the forest union states where they have to pay dues, unemployment is higher. that has escaped the attention of liberal news outlets. tracy: you will talk about this? >> absolutely. with the attorney general of south carolina. and also in the middle east dr. walid phares is who is the fox middle east news
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analyst and expert at the top of the hour. tracy: don't change the channel. tonight 7:00 and 10:00 p.m. eastern. 2012 is wrapping up. why aren't the market's reacting to the fiscal cliff next.
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tracy: what is up with the market? with the threat of another recession you think the
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market would be in the toilet. we have the chief investment strategist with us. all the indices up over 4%? >> the market is realizing in january 1st is a false deadline not lake yankee's. we know that will not happen. but it seems like we will get a solution or a range from the grand bargain or kicking the can down the road. i think this this gold cliff is priced appropriately. tracy: before you said if we
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take a step back the companies have never been stronger. >> you grew up in the business with stocks. with this terrible sentiment is great for stocks technically speaking the s&p looks good earnings estimates so by editor measures stocks are great. tracy: i worried about the earnings season? >> and seems 1/3 quarter will be the trough. not gain busters but we thought four 5% but then next year could be double
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digits. >> what is that? they cannot fall further? [laughter] >> i stay away from the money-center banks with balance sheet problems. tracy: bank of new york mellon. >> is on duralast. >> also allstate. tracy: illinois tool works? >> good global infrastructure play global impressed reassure is in the news and even today about to hurricane sandy relief. that will help others. tracy: talk about apple. still on the list? >> don't catch a falling
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knife. it is still on the list. tracy: you will talk about it again. fighting the traffic today. fighting the traffic today. what is the que [beep] [indistinct chatter]
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